• Evolution Mining is the third largest gold mine on the ASX, behind Newcrest and North Star.
  • The price of gold in Australian dollars hit an all-time high in late October.
  • The surge comes amidst growing concern over the Mid-East war and the exchange rate with the US dollar.

Evolution Mining has been a top ASX gold producer for over a decade. Year over year, the share price – up 71.1% intraday on 31 October – has outperformed its larger rivals.

Source: ASX

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Evolution has five wholly-owned operating gold mines – four in Australia and one in Canada. The company’s financial performance is heavily impacted by the rise and fall in the price of gold, with a significant downturn in the gold price for much of 2022 and into early 2023.

Source: goldprice.org

Evolution was hardest hit in FY 2023.

 

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Evolution Mining Financial Performance

Source: ASX

The company’s quarterly report for September showed Evolution maintaining prior guidance and reducing AISC (all-in sustaining cost) by 16%, along with positive drilling results at expansion development at three of the company’s operating mines.

Evolution has been paying dividends for the last decade, with a five-year average payment of $0.10 per share and a yield of 2.46%.

An analyst at Fairmont Equities has a BUY recommendation on Evolution Mining, highlighting the company’s “sustained fiscal year 2024 guidance of 770,000 ounces at an all-in sustaining cost of $1370 per ounce.”

The World Bank outlook calls for geopolitical uncertainty to support gold prices through 2024.

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